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Bharti AXA Life Insurance India, established during the second wave of growth in India's private insurance sector in 2006, has emerged as a key player in the industry. With an impressive claims paid percentage of 99.10% for individual claims, as reported in the IRDA for the fiscal year 2023, Bharti AXA demonstrates a strong commitment to its policyholders. The company's vast presence, boasting over 250 offices, underscores its reach across the country.

This insurance company is the result of a robust partnership between the renowned Paris-based AXA Group, known for its financial expertise, and Bharti Enterprises, a prominent Indian conglomerate with diverse interests in telecommunications, agriculture, and financial services.

In this piece, we shall discover various Bharti AXA Life Insurance options as we dive deeper into their unique attributes and advantages. This exploration equips you with the knowledge necessary to select the ideal AXA life insurance plan, ensuring it aligns seamlessly with your needs.

Types of AXA Life Insurance Plans

Discussed in detail below are the different types of AXA life insurance plans.

  • term insurance: A term insurance plan offers financial coverage in case the life assured passes away during the policy tenure. The aim of this type of Bharti AXA life insurance is to provide comprehensive financial stability to the nominee post the policyholder’s unfortunate and sudden demise of the policyholder. A sum assured is paid to the nominee/beneficiary in the form of death benefit as stated in the policy. 
  • Unit Linked Insurance Plans (ULIP): ULIP is a combination of life insurance policy and investment plan. Its goal is to help the policyholder create wealth while remaining financially secured in case of any unfortunate scenario. Here, a portion of the premium is allocated for life insurance, while the rest is invested in assets like stocks and shares. ULIP returns on maturity are tax-exempt under Section 10(10D) of the Income Tax Act. It offers death benefits if the policyholder passes away during the policy tenure. In case the policyholder survives the policy tenure, they receive maturity benefit.
  • Whole Life Insurance: Life insurance is like a financial safety net for the policyholder’s family. If something happens to the life assured, the insurance pays a lump sum to their loved ones, helping them cope with the loss and providing financial security. The policyholder can pay for this protection through monthly premiums or a one-time payment. The specifics may differ between policies, but it's important to ensure the life assured gets the most out of their investment by maximising the benefits.
  • Child Insurance Plans: Child insurance plans provide a combination of investment and insurance to secure a child's future. They offer maturity benefits and death benefits, ensuring financial stability to help children pursue their goals without financial constraints.
  • Retirement Plans: Retirement plans provide financial security after retirement, ensuring you can fulfil your post-retirement dreams without financial constraints. They offer maturity benefits and death benefits, along with monthly income to maintain financial security during your retirement years, even when you're no longer earning.

Benefits & Features of Bharti AXA Life Insurance Plans

Mentioned below are the salient features and benefits of Bharti AXA life insurance plans.

  • Tax Deductions: Life insurance premiums are eligible for tax deductions, offering significant tax benefits.
  • Whole Life Coverage: Whole life insurance plans provide complete life coverage until the age of 100. Unlike term insurance, where premiums are paid until maturity, whole life plans offer a lifelong safety net.
  • Critical Illness Coverage: Life is unpredictable, and critical illness coverage is a financial shield in unforeseen circumstances. It helps you manage the financial burden of expensive treatment that comes with critical illnesses, ensuring your peace of mind.
  • Lifestyle Support: Life insurance extends beyond financial security; it also caters to the lifestyle needs of an insured's family in the event of their demise. It ensures that their loved ones can maintain their quality of life even after your passing.
  • Premium Waiver: If the insured faces severe illness or disability, some life insurance plans waive further premium payments, allowing them to focus on recovery without the added financial burden.
  • Accelerated Death Benefits: In case of a terminal illness diagnosis, the insured can claim cash advances against the death benefit. This option can assist in covering medical expenses and other financial needs during a challenging time.
  • Spouse and Child Riders: Many life insurance policies offer the option to add coverage for your spouse and children up to the age of 26. This feature is particularly valuable if separate policies are financially challenging.
  • Mortgage Protection: Several life insurance policies include a mortgage protection feature. If the policyholder passes away, the insurance covers the outstanding mortgage, ensuring that your family's home remains secure.

Advantages of AXA Life Insurance India Plans

Now, let’s take a look at the key features and advantages of AXA life insurance plans -

Name Features & Benefits
Bharti AXA Life Wealth Pro
  • Comes in two variants, namely: 
    • Growth Variant: You can choose policy terms of 10, 15, 20, 25, or 30 years with various premium payment term options.
    • Legacy Variant: This variant guarantees a legacy fund for your loved ones, providing life insurance coverage of 10 times the annualised premium throughout your policy term, which can extend up to 99 years.
  • Wealth Booster: A portion of your fund's value is added as a wealth booster, as long as your policy remains in force. This benefit is available in both the Growth and Legacy variants.
  • Multiple Investment Strategies: You can select from two investment strategies, Dynamic Fund Allocation and Systematic Transfer Plan, along with various fund options that align with your investment objectives and risk tolerance.
  • Tax Benefits: Depending on prevailing tax laws, you can enjoy tax benefits on the premiums you pay and the benefits you receive. Keep in mind that tax benefits may change in accordance with alterations in tax regulations over time.
Bharti AXA Life Guaranteed Wealth Pro
  • Guaranteed Financial Security: This plan ensures guaranteed benefits, provided you've paid all your premiums as required and the policy remains active.
  • Secure Your Financial Goals: It helps you achieve your financial goals, whether it's for your child's education or marriage, retirement, a vacation, or creating an additional income source for your family.
  • Flexible Payout Options: You can select from Endowment or Income options, both offering guaranteed benefits tailored to your specific needs, providing financial security even in uncertain times.
  • Variety of Income Choices: The Income option offers a range of selections, including deferred income (short-term, long-term, and lifelong income after premium payment) and early income (short-term and long-term income starting in the second policy year).
  • Life Insurance Coverage: This plan also includes life insurance coverage to protect your family's financial well-being. Additionally, you can enhance this coverage with optional rider(s) at an extra cost, although they are not mandatory.
  • Tax Benefits: Depending on the prevailing tax laws, you may be eligible for tax benefits on the premiums you pay and the benefits you receive. Please note that tax benefits can change in accordance with amendments in tax regulations over time.
Bharti AXA Life Shining Stars
  • Flexible Policy and Premium Choices: This product allows you to select from nine combinations of policy terms and premium payment terms, making it an excellent single premium option for your child.
  • Choice of Maturity Payouts: You have two options for how you receive your maturity payouts. Under the "Flexi Payout Option," you can select the year for your payout during the Maturity Payout period. Alternatively, with the "Annual Payout Option," you can receive the present value as a lump sum for all future payouts when the policy starts.
  • Adaptable Payout Modification: You can modify your chosen payout option at maturity to align with your child's needs.
  • Inbuilt Parental Protection: This feature safeguards your child's needs in case of the parent's (Life Insured) unfortunate demise during the policy term. In such a situation, no more premiums are due, the death benefit is paid, and the Maturity Benefit continues to be given to the nominee upon maturity.
  • Tax Advantages: Subject to current Income Tax Act, 1961 provisions, you can benefit from tax advantages on your premium payments and received benefits. It's important to note that these tax benefits may change with evolving tax laws.

AXA Life Insurance Claim Process

Filing a claim with AXA is a structured and straightforward process. Below are the steps and instructions you would need to follow to submit a claim for a AXA Life Insurance Plan:

Claim Registration

As a beneficiary, you can register for claim in any of the following ways -

  • Branch Visitation
  • Online registration
  • Connecting with the claims expert on 1800 102 4444
  • Sending a mail at lifeclaims@bhartiaxa.com

Document Preparation

The second step involves gathering all necessary documents essential for a successful claim. Here are the important documents required for filing the claim.

For Death Claim

Statement form for individual claims

  • A self-attested copy of death certificate granted by a local authority
  • A copy of nominee’s bank passbook and a customised cancelled cheque
  • Nominee’s copy of photo ID proof and address proof
  • In case of a non-accidental death, a copy of medico legal cause of death certificate, a copy of medical records, employer certificate, treating doctor’s certificate, family physician certificate, and original policy bonds are required. 
  • If the death is caused by an accident or is a suicide or a murder, an FIR’s copy, original policy bond, and copy of post mortem report are needed. 

Claim Evaluation

Once the claim gets submitted, the claim specialist assesses the same. They then reach out to the nominee via message, call, or letter if further information is needed. For ULIPs, the Fund Value accumulated is paid to the nominee within 48 hours from the date of receiving the claim request. 

Claim Settlement

Bharti AXA strives to settle the claims within 5 business days. But, if the claims require additional investigation, the settlement process can take up to 4 months. 

AXA Life Insurance Claim Process in Case of Death

  • The policyholder's family should complete the provided claim form from Bharti AXA Life.
  • Submission of the policyholder's death certificate as proof.
  • Provision of relevant life insurance documents to claim death benefits.

 AXA Life Insurance Claim Process in Case of Maturity

  • Fill and sign the policy release form as provided by your insurer, witnessed by two individuals.
  • Submit the form to your insurer a few days before the policy's maturity date for a smooth and hassle-free maturity claim.
  • After your policy matures, your insurer will review the provided information and transfer the funds to your bank account.

Dive deeper into AXA life insurance plans with the following frequently asked questions section.

FAQ's

Q1. What Happens if the Policyholder Outlives the Policy?

Ans: Outliving a life insurance policy allows you the freedom to take more financial risks while still providing insurance coverage for contingencies. It offers assurance that your family will be financially secure if something were to happen to you, ensuring your loved ones maintain the lifestyle you intended for them.

Q2. What Does Life Insurance Cover?

Ans: Life insurance covers various causes of death, including illness, accidents, or natural events. It encompasses natural causes like heart attacks, infections, kidney failure, strokes, cancer, and even accidental deaths such as drug overdoses, motor accidents, poisonings, or drownings. Suicide is covered if it occurs outside the contestability period. Pandemic-related illnesses like Covid-19 are considered natural causes and are covered. However, a new policy during a pandemic, without disclosing relevant information, may lead to a claim denial.

Q3. What is the tax on Maturity Benefit?

Ans: Maturity benefits from life insurance policies are tax-exempt up to the existing threshold under Section 10(10D) of the Income Tax Act. Therefore, you typically do not need to pay taxes on your policy's maturity.

Q4. What is the paid-up value in Life Insurance?

Ans: The paid-up value in a life insurance policy is the reduced sum assured paid by the insurer when you fail to pay premiums on time. It represents a reduced coverage amount under the policy.

Q5. Can you claim payouts before death?

Ans: Yes, you can claim life insurance policy payouts before death, but this will reduce the amount received upon claiming the death benefit in the event of an unforeseen demise.

Q6. Can I customise my life insurance coverage with AXA?

Ans: Yes, AXA Life Insurance provides customizable plans to suit individual needs and preferences, allowing you to tailor your coverage to your specific requirements.

Q7. What tax benefits can I expect with AXA Life Insurance policies?

Ans: AXA Life Insurance policies may offer tax benefits under the existing tax laws, providing potential savings on your taxable income.

Q8. Are there any additional benefits or riders available with AXA Life Insurance policies?

Ans: Yes, AXA offers various riders and optional covers that can be added to your base policy for enhanced coverage. These riders can provide benefits like critical illness coverage, premium waivers in case of severe illness, and more.

Q9. What types of life insurance policies does AXA offer?

Ans: AXA Life Insurance offers a range of life insurance policies, including term insurance, whole life insurance, child insurance plans, retirement plans, and more.

Q10. How does AXA handle the claims process for life insurance?

Ans: AXA has a streamlined claims process. It involves registering the claim, providing necessary documents, and processing the claim within a set timeframe. Claims may require additional investigation when made within the first few years of policy purchase.

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